A mortgage broker, who is also a Nigerian national from Washington D.C., was sentenced to one year and six months imprisonment with five years supervised release and restitution amounting to $2,165,191. These rooted from his involvement in a mortgage fraud scheme that defrauded lenders.

This licensed mortgage broker, named as Sidney Okosun, was responsible for submitting fraudulent loan applications and documents of straw buyers to several lending companies which resulted to nine transactions involving as much as $2,165,191 fraudulently acquired mortgages. It was said that Okosun received commissions for these transactions which amounted to $33,000. These loans were supposed to be used for purchasing properties owned by his co-defendant Oladipo Olafunmiloye but instead, they caused the straw buyers whom they recruited to default on their mortgage payments which ended up to the foreclosure of the properties. According to Sidney Okosun’s plea, Olafunmiloye funded this mortgage fraud scheme and made all the payments necessary for the purchase of the properties.